A simultaneous equation system presumes that endogenous explanatory variables are correlated with equation-specific structural disturbances. The authors' paper proposes estimation methods and tests for switching orthogonality of a subset of the endogenous variables over a sample subset when the...

Dickey and Fuller proposed some tests for the unit root hypothesis in uni-variate time series. [P. Perron, The great crash, the oil price shock, and the unit root hypothesis, Econometrica 57 (1989) 1361–1401] extended the t-ratio type unit root tests so that they allow for a break in the...

One income distribution is preferable to another under any increasing and Schur-concave (S-concave) social welfare function (SWF) if and only if the generalized Lorenz (GL) curve of the first distribution lies above that of the second. Thus, testing for GL dominance of one distribution over...

The petroleum sector plays a neuralgic role in the basement of world economies, and market actors (producers, intermediates, as well as consumers) are continuously subjected to the dynamics of unstable oil market. Huge amounts are being invested along the production chain to make one barrel of...